Over the past couple of decades, business forecasters have come to recognize the importance of collaboration for creating more accurate forecasts; however, in business forecasting, the term “collaboration” doesn’t necessarily have only one definition.

Many forecasting processes can be described as “collaborative.” Some organizations utilize highly-formalized processes (e.g., S&OP, IBP) which involve defined roles, specific data elements, and/or structured meeting schedules. Others deploy less-formalized and more loosely-defined processes which involve creating an initial forecast and allowing various stakeholders to review and even modify (e.g., adjust) the initial forecast.